Will a DMP work for me ?

sickasachip13

Cheers. BTW, have you looked at the DMP Mutual Support Thread? I'm sure you'll find it informative and supportive, it might help you decide.
It is also worth putting up your statement of affairs so people can make helpful suggestions.

SAAC

antonic

I am in the final year of my DMP with Payplan (75 months gone, 9 to go) and 3 of my 4 creditors
Cahoot
Abbey National and
Capital One froze my accounts once my DMP started only

HBOS froze interest for 2 years, then unfroze for 2 years and have now frozen the interest so I will need to sort that out before my DMP ends.

In all the time have been with Payplan I have never had a problem, so I would recommend Payplan.

Mrs_Arcanum

Some creditors may need to be nagged to stop interest - All of mine have now (after much struggle with GE Money/Link). The only one I had a problem with is Nationwide who went down the CCJ route costing money in court fees. Daft thing is when I get extra money available they do not benefit from the increase as they have the fixed amount CCJ.

I don't think it matters to your creditors which DMP company you use as it is up to you to chase for reduced/zero interest. Just keep to the free ones.

Standingtall

HI and welcome:)

You also need to consider that your debts may be sold to Debt Collection Agencies (DCAs). It appears that the interest and charges are then more likely to be stopped if they are not already. This is what I have read on these forums at least. My debts are only in going through that process of being sold on at the moment so I suppose I shall have to wait and see to be sure.:eek:

sickasachip13

Hi,

StandingTall is correct. Some of ours are being managed by DCAs and some have been sold. TBH we've had no trouble with any of them - all accepted the payments and no charges or % have been applied.

SAAC